European Countries Lagging Behind In Crypto Familiarity, Ownership

Sufficient knowledge and investment in cryptos play a key role in pushing for mass adoption of the currency.

S.Africa Among Countries Familiar With Cryptos

Crypto entity Luno has released the results of a survey regarding the degree of ownership and knowledge with cryptocurrencies. From the research, Malaysia, Indonesia and South Africa are more familiar with digital currencies than most European nations.

The countries are up and coming markets on a global scale. The three recorded 40%, 39% and 29% respectively in cryptocurrency ownership. In regards familiarity levels, the three counties recorded 63%, 57% and 69% respectively.

In Europe, the survey highlighted Holland as the continent’s leading market for digital coins. Crypto possession in the country stands at 27% and familiarity stands at 39%. Giant countries like France and Germany fared dismally under the two metrics.

Germany has 49% familiarity and 9% ownership of cryptocurrencies. In France, crypto familiarity stands at 37% with ownership held by 19%. A look at Italy, we have familiarity standing at 50% with 14% of the population owning these assets.

According to European respondents, they have not bought cryptos due to insufficient information about the sector. In contrast, residents from Malaysia, Indonesia and South Africa pointed out that they have sufficient knowledge for them to buy digital currency.

The survey was carried out across 10 jurisdictions with 1,000 people giving their response. The survey also took place in Romania, Poland, Ireland and Lithuania.

The study had a special interest in South Africa. Citizens noted that they view cryptos as an investment vehicle rather than a medium of exchange. It emerged that about 12% of South Africans deploy cryptos when transferring money to family.

The survey further showed that residents in the western regions of South Africa were more familiar with cryptocurrencies at 71%. The North and Eastern parts recorded 68% and 68% respectively.

In South Africa, familiarity and ownership witnessed a gender divide. A majority of the male population said that they were aware of cryptocurrencies, unlike the women. They were represented by 27% and 19% respectively. About 42% of men said that they were familiar when it came to cryptos while women stood at 9%.

Notably, most South Africans are familiar with Bitcoin compared to other cryptocurrencies. The first crypto was followed by Ethereum. Ripple and Dash both held the third position.